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Oil And Gas Industry: Things You Should Know About Them

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Natural resources are the gold of our generation. No matter where we look at it, oil and gas are necessities of human life, and their contribution to modern day living make them paramount to our existence. Even if there are other renewable sources of energy that are being used today, it is a fact that oil and gas are indeed irreplaceable. However, being in this industry is not as simple as it sounds. They may be considered one of the basic necessities, but the competition for these resources is getting stiffer and stiffer day by day and this is one thing we cannot run away from.

Oil is Bigger than Big

Okay, let’s start our countdown with the importance of oil in the world’s economy. A lot of people may not realize this, but oil does not only provide convenience in our everyday life, but it also greatly contributes to the global economy. The Gross Domestic Product per capita, as most of you may already know, indicates a society’s living standards and for over a century now, oil contributes to up to 2.5% of the global GDP. Sounds big, right? This is evidence of how big the impact of oil is to our way of life.

Oil And Gas Industry: Things You Should Know About Them

Furthermore, the modern society will not exist without oil and gas products. Firstly, oil is widely used by the transportation industry which is also one of the leading contributors of the global GDP. Even though there are e-bikes and other electronic device that are not run by oil, it is still a fact that without oil, the transportation industry will not survive. Additionally, oil and gas products are necessities for the agricultural sector to operate smoothly. Other fields are also highly reliant on oil and without this very important commodity; businesses in all parts of the world will weaken. Therefore, oil is definitely bigger than how big you may think it is.

Safety is a Priority in the Oil Industry

I know that it is quite horrifying for some people to even think of working in the oil industry. However, safety precautions are well implemented to ensure that workers are within a safe drilling environment. Whether the company chooses to buy new or drilling equipment for sale, safety standards are given optimum importance in any drilling site and casualty rates have really dropped in the past few years.

The Oil and Gas Industry is Unstoppable

I am quite sure that you are aware about the efforts that have been made in the past few years to look for alternative energy sources that could replace oil. However, even if we could generate power from wind and solar energy, it could never match oil production and its main use to human life. I do not want to cite figures here, but oil is approximately 2 to 3 orders of magnitude higher than wind and solar power. In the like manner, there is a big difference between the amount of power generated from oil and solar energy. If you need an analogy here, I’d say that power generation from solar energy is like riding a bike while oil power generation is your Lamborghini ride.

Oil, as we all know, is the new golden mine. Whether you like it or not, oil basically makes the world go technologically spinning round.